After a period of facing some downwards pressure, Bitcoin bulls have been able to step up and lead the crypto higher, pushing it back into the mid-$6,000 region.
This recent price action seems to indicate that both bulls and bears have reached an impasse, as neither have been able to garner any decisive momentum in the time following BTC’s rejection at $6,900.
Importantly, one fundamental indicator is suggesting that bulls may soon gain the upper hand over bears, as the amount of capital that is currently sidelined within stablecoins could suggest that bulls have a massive war chest to fuel an intense upwards movement.
Bitcoin Consolidates as Bulls and Bears Struggle to Garner Momentum
At the time of writing, Bitcoin is trading down just over 1% at its current price of $6,350, which marks a slight rebound from daily lows of $6,200, and a decline from highs of nearly $6,500.
This current bout of sideways trading marks a significant extension of that which Bitcoin has been facing after breaking above $6,000 last week, with bulls and bears forming a large trading range between roughly $5,800 and $6,900.
This consolidation has had a ripple effect spanning across the entire cryptocurrency market, with virtually all major altcoins seeing similar price action throughout the past several days.
In the near-term, which direction Bitcoin trends next will likely be largely dependent on whether it breaks above the lower or upper boundaries of its trading range.
One factor that investors should consider is that the traditional markets are beginning to see a continuance of their March capitulation, with all of the benchmark stock indices shedding nearly 5% of their value today.
Could Stablecoin Holdings Tip the Scale in BTC Bull’s Favor?
One factor that could bolster bulls eventually is the fact that the Stablecoin Supply Ratio is currently nearing an all-time low, showing that the current stablecoin supply has significant buying power and could bolster BTC.
“Stablecoin Supply Ratio (SSR) is near its ATL. Low SSR means the current stablecoin supply has strong buying power to purchase BTC and push the price up. USDT (ERC20) exchange balances at an ATH indicates that those coins are waiting on the sidelines,” Glassnode noted in a recent tweet.
Stablecoin Supply Ratio (SSR) is near its ATL.
Low SSR means the current stablecoin supply has strong buying power to purchase $BTC and push the price up.$USDT (ERC20) exchange balances at an ATH indicates that those coins are waiting on the sidelines.https://t.co/r1Re9UoVNv pic.twitter.com/I5ZFnScnLX
— glassnode (@glassnode) April 1, 2020
Just because there exists a significant amount of capital currently sidelined within the crypto market doesn’t mean that it will necessarily be deployed anytime soon, as these investors may be waiting for Bitcoin to reach lower price regions before they reenter positions.
In the long-term, however, this is certainly a bullish sign that suggests BTC’s outlook is bright.
Featured image from Shutterstock. origin »
Following a brief selloff that led Bitcoin down to lows of $5,800 overnight, the crypto has been able to post a strong and sustainable rebound that has since led it to climb towards $6,500, with bulls currently attempting to reclaim its previous position within the upper-$6,000 region. It now appears that bulls are in the...
Just 2 weeks ago, both the crypto and the stock market plummeted to historically low levels. However, Bitcoin and some altcoins have been able to recover quite nicely, in fact, Bitcoin is currently trading at $6,628, an 80% price increase from the low at $3,782.
Bitcoin is currently correcting higher from the $4,320 support area against the US Dollar. BTC could rally further if the bulls are able to push the price above $6,800 and the 100 SMA (H4). Bitcoin price seems to be facing a strong resistance zone near the $6,800 and $7,000 levels. The 100 simple moving average...
It seems that the bulls are coming back as nothing seems to be able to deter the current excitement and momentum in the blockchain industry. As Ethereum 2. 0 becomes official, the significant players may surface in 2020.
Ethereum (ETH) and the aggregated crypto market is in the process of bouncing following yesterday’s intense selloff, with the current price action being emblematic of a relief rally that could ultimately be a bullish sign, if bulls are able to maintain the momentum.
Bitcoin’s unprecedented flash crash seen earlier this week has not proved to be as bearish as it was initially thought to be, as the crypto has now been able to find some solid support within the mid-$9,000 region and has even begun inching higher.
XRP investors witnessed some bearish price action earlier this week when the cryptocurrency plummeted from highs of $0. 34 to lows of $0. 28, which is where it was able to find some strong support that allowed it to reclaim its position above $0.
It now appears that Bitcoin (BTC) bulls have been able to gain the upper hand over bears in the time following the intense volatility that the asset incurred early this week during its sudden “flash crash” that caught investors off guard.
In the time following Bitcoin’s recent flash crash that sent it from $10,200 to lows of $9,200, the cryptocurrency has been able to find some stability around $9,600, with its ability to maintain stability around this price showing that BTC bulls do have some strength.
Bitcoin has been caught within the throes of intense turbulence over the past day, with the cryptocurrency incurring a violent selloff yesterday that sent it reeling from $10,200 to lows of $9,200. In the time since this capitulatory drop, Bitcoin has been able to climb higher, and its early-morning volatility seems to suggest that bulls and bears are currently engaged in an intense battle for control over the cryptocurrency.
Bitcoin bulls were surprised to wake up to a massive early-morning drop that sent the cryptocurrency reeling down to lows of $9,700, which is where BTC was able to find some support that helped it climb higher.
After hovering beneath the key resistance that previously existed at $10,000, Bitcoin’s bulls were able to propel the cryptocurrency past this level, subsequently catalyzing intense upwards momentum that has allowed BTC to move into the $10,100 region.
After drifting lower over the past few days, Bitcoin’s bulls have been able to post a strong defense of the support that exists within the lower-$9,000 region, which subsequently catalyzed a major upwards movement that has led BTC back up to its key resistance.
Following a brief overnight selloff that sent Bitcoin to lows of $9,200, the cryptocurrency’s bulls have been able to post a strong defense of this key support level and have subsequently rallied BTC back up to its 2020 highs of $9,500.
Bitcoin’s recent sell-off was further perpetuated by bears last night when they garnered enough strength to push BTC back down to its key short-term support level that currently exists at $8,500. The cryptocurrency’s bulls have been able to defend this level over the past 24-hours and have begun to gain some upwards momentum as they […]
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Bitcoin (BTC) appears to be the best performing major asset in the world so far in the new decade, as it has been able to post a massive climb from its recent low of $6,800 that was set in the early part of Jan 2020.
After an extended period of trading sideways around $8,800, Bitcoins bears have been able to push the cryptocurrency lower and put it at risk of breaking below multiple key support regions that have been bolstering...
It is beginning to look increasingly as though Bitcoin’s (BTC) recent rally from its early-January lows of $6,800 to its recent highs of $8,900 is much more than a fleeting relief pump. BTC bulls have been able to hold the crypto within the upper-$8,000 region for the past day, signaling that buyers currently have enough... The post appeared first on NewsBTC.
Today has been a great day for XRP bulls, as the embattled cryptocurrency has been able to outpace Bitcoin as it races up towards a key multi-year resistance level. This upwards momentum has come about as the aggregated crypto market continues to incur significant strength.
Bitcoin’s bulls have been able to hold the benchmark cryptocurrency above the $8,000 level for the past 24-hour, signaling that they have some significant strength at the moment. This strength has spilled over into the altcoin markets, leading many cryptos to incur notable near-term gains.
Ethereum has been closely tracking Bitcoin’s price action over the past several days, which has led it to incur heightened volatility that has generally favored ETH’s buyers. The crypto has now been able to reclaim its position within the $140 region, which comes after its bulls defended a key support region.
2020 has so far been a great year for Bitcoin (BTC), as a combination of bullish technical and fundamental factors have helped lead its price as high as $8,400 over the past ten days. This bullishness did show some signs of slowing down yesterday, but bulls have since been able to fend off the bears... The post appeared first on NewsBTC.
After posting what appeared to be a grim break below $8,000 yesterday, Bitcoin’s bulls have thus far been able to step up and defend a key monthly support level that is the only thing stopping BTC from posting significantly further losses.
Bitcoin’s bulls have been able to greatly extend the momentum that they first generated when BTC tapped lows of $6,400, with this momentum reaching a fever pitch this afternoon as the crypto surges up towards the key $8,000 resistance level.
XRP was one of the worst-performing cryptocurrencies throughout 2019, ending the year down over 40 percent. Today, however, bulls have been able to generate significant buying activity that has revitalized the embattled token, allowing it to surge a whopping 12 percent.
Today has been a great day for Bitcoin (BTC) bulls, as the cryptocurrency has been able to post a massive surge over the past couple of hours, blowing past its previous resistance levels and potentially confirming an incredibly bullish technical formation.
Bitcoin’s uptrend in the time since it tapped lows of $6,400 has been unwavering, and BTC’s bulls have been able to successfully garner enough buying pressure to push the cryptocurrency up towards its key resistance levels that exist within the upper-$7,000 region.
On the heels of yesterday’s massive Bitcoin rally, bulls have been able to support the cryptocurrency’s price well above its support at $7,000, with their current strength pointing to the possibility that BTC will soon see further upside.
Ethereum and most major altcoins have incurred significant upwards momentum over the past day, which stems from Bitcoin’s notable surge from lows of $6,800 to highs of $7,400. ETH, which is slightly underperforming BTC, has been able to reclaim its positive within the $130 region, and is showing growing signs of bullishness.
After hovering below its previous support at $7,000 for several hours yesterday, Bitcoin’s bulls were able to generate significant momentum that has allowed BTC to reclaim its position within the $7,000 region, and it appears that this upwards momentum is growing.
Bitcoin’s bulls were able to defend BTC from facing a much steeper sell-off today, which comes closely on the heels of the recent rejection the cryptocurrency experienced, which to many investors signaled that significantly further losses were imminent.
Bitcoin has faced turbulence throughout 2019, with the first half of the year being firmly controlled by bulls that sent it as high as $13,800, while the second half of the year played to the favor of BTC’s bears who were able to push it as low as $6,500.
After an extended period of trading sideways around $7,200, Bitcoin’s bears have once again gained control of the cryptocurrency and have sent to a key support level. BTC’s bulls have so far been able to defend this level, but it remains unclear as to whether it will continue to hold as the weekend continues on.
Bitcoin’s bulls have built some serious momentum in the time since the crypto’s capitulatory drop that sent it to lows of $6,500, as they have been able to push its price up towards $8,000, with a break above this level potentially opening the gates for further gains.
It is looking increasingly likely that Bitcoin’s recent dip to lows of $6,500 will mark a long-term bottom for the cryptocurrency, as its bulls have been able to propel its price higher and sustain their momentum, with BTC now targeting a movement to $8,000.
Bitcoin price is finally trending upward once again, after weeks of downtrend taking the price of the crypto asset to $6,500 at the low. Last night, Bitcoin price made another attempt to break back below $7,000 but the move was short-lived as bulls were able to defend the key area.
After incurring a bout of capitulation throughout the latter part of yesterday, Bitcoin (BTC) has been able to post a decently strong rally that has allowed it to recapture its position within the lower-$7,000 region, and its recent lows may ultimately mark a long-term bottom for the crypto.
After an extended period of trading sideways around $8,500, Bitcoin’s bulls have begun to fight back, pushing the crypto towards $8,700. In spite of this upwards movement today, it is important to note that BTC has not yet been able to climb back above its previous support level around $8,800.
Bitcoin has once again found itself caught within a bout of consolidation as it ranges sideways above its key near-term support level at $8,700. Despite BTC’s recent sell-off that sent it reeling below $9,000, the cryptocurrency’s bulls have been able to defend this support level, which may be a bullish sign.
Bitcoin’s bulls have been able to step up and support BTC’s price following its recent drop below $9,000, which points to an underlying strength that may signal that the cryptocurrency will soon post a strong recovery from its recent lows.
Bitcoin’s price has been able to stabilize after incurring a significant influx of selling pressure yesterday that sent it plummeting below its previous range lows at $9,000, and it appears that bulls have formed $8,800 as a level of support that could bolster BTC’s price in the near-term.
After facing some downwards pressure yesterday, Bitcoin (BTC) has been able to incur some upwards momentum that has allowed it to climb back to $9,300, which marks a slight climb from its daily lows of $9,150.
Bitcoin has been incurring significant volatility over the past several days, which has mostly favored the cryptocurrency’s bulls as BTC has been able to run from lows of $7,300 to highs of $10,600 before settling in the middle of this wide trading range.
Bitcoin price continues to free-fall after a failed bullish rally. New signals and a breakdown of two confirmed patterns point to bearish downside targets in the low $7,000 range. Bitcoin Forms Elusive Diamond Top, Signaling a Deep Drop On Friday, October 18, Bitcoin price set a higher low at roughly $7,800, signaling that bearish sell pressure may be waning.
After incurring an influx of buying pressure yesterday, Bitcoin has been able to sustain its upwards momentum and has not faced any notable retrace in the time since its recent surge, which may point to growing strength amongst BTC’s bulls.
After hovering around the $8,000 region for an extended period of time, Bitcoin has been able to garner some hints of bullishness as its buyers have pushed its price up over 3%. This latest surge further confirms the upper-$7,000 region as a strong level of support for BTC.
After plummeting below $8,000 overnight, Bitcoin’s bulls were able to propel the crypto slightly higher, showing signs that bulls are not ready to let the cryptocurrency drop lower in the near-term, which could mean that bulls will garner greater strength in the near-term that could help propel BTC higher.
On-chain analytics firm, Nansen recently announced a partnership with Viction, a people-focused Layer-1 blockchain, to enhance analytics capabilities within the Viction ecosystem. The collaboration seeks to provide investors and developers with tools to maximize the benefits of building on the Viction platform.
The best meme coins are cryptocurrencies that began as jokes but now gained massive popularity, community, and some real-world value. Today, many new coins hitting the crypto world, and finding
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